The "defense" and "offense" of the leading general contractor: Greentown Management's cash flow is expected to significantly increase by 2025, maintaining the top market share.

By Leju Finance and Wei Wei

On March 30, 2025, Greentown Management officially released its annual performance report. Against the backdrop of the real estate industry undergoing ongoing and deep structural adjustment, and competition in the project management-for-hire (PMC) sector becoming increasingly intense, the key focus and development trends of Greentown Management, a leading enterprise in PMC, are becoming clearer.

Judging from its performance and business layout, through building its base with its core PMC business and exploring innovative businesses, Greentown Management is gradually shifting toward a value-driven path centered on cash flow safety, operational efficiency gains, delivery assurance, and high-quality orders.

Structural Optimization and Efficient Operations to Solidify the Core Business Base

Greentown Management’s shift to “value-focused deepening” is first reflected in the continuous optimization of its business structure and the improvement of project operating efficiency. In 2025, the total new contracts it secured reached a total gross floor area of 35.35 million sq m; new PMC fees were approximately RMB 9.35 billion, a slight year-on-year increase. Its market share has remained above 20% for ten consecutive years, maintaining its position as the industry leader.

Among the new projects secured in 2025, first- and second-tier cities accounted for 55%. The market share in key provinces and the business volume in key cities continued to grow. The repeat delegation rate increased to 26%, achieving a leap upward for three consecutive years.

As of the end of last year, Greentown Management’s outstanding order book totaled approximately 121 million sq m of gross floor area, of which nearly 80% was concentrated in four major core urban clusters: the Bohai Rim and Jing-Jin-Ji region, the Yangtze River Delta, the Pearl River Delta, and Chengdu–Chongqing. This provides solid support for future performance growth.

In 2025, Greentown Management delivered 129 projects as scheduled, with more than 80,000 households delivered. The total delivered area reached 14.51 million sq m, while also maintaining a delivery scale of over 10 million sq m for five consecutive years. Its satisfaction score among B-side customers reached 98 points, and C-side customer satisfaction was 92 points, achieving a balance among scale, speed, and quality.

In an environment where industry credit risks and delivery pressure still persist, large-scale, high-quality, on-time delivery capability has become a key competitive strength for PMC companies to widen the gap. Data from China Index Academy shows that among projects in the industry with PMC fee rates above 3%, the proportion is only 16%. In contrast, the proportion of projects with Greentown Management’s fee rate above 3% is over 50%, to a certain extent reflecting the market’s recognition of the value of its services.

Cash Flow Improvement and Enhanced Returns to Secure Shareholder Rights

A sound business base has helped build a healthy financial foundation for Greentown Management. In 2025, Greentown Management achieved net operating cash flow of RMB 415.2 million during the period, up 42% year-on-year. Operating cash flow and net profit attributable to shareholders were broadly matched, fully reflecting the strengthening of the company’s financial resilience and improvements in its ability to withstand risks.

On this basis, Greentown Management continued to strengthen shareholder returns. In 2025, it implemented an interim dividend for the first time; together with the final dividend and special dividend, it achieved a full-year 2025 dividend payout ratio of 100%. It has also maintained a high dividend payout level for multiple consecutive years. In addition, Greentown Management also repurchased and cancelled 10 million shares, increasing value per share, effectively safeguarding shareholders’ interests, and conveying to the market its strong confidence in the company’s long-term development.

Improving Operational Resilience; Diversified Businesses Create New Support

China’s real estate industry is in a critical stage of transitioning to a new model of high-quality development. The trends of separating investment and development, and running parallel systems for guarantee and market are becoming increasingly clear, creating a larger market space for professional PMC services.

Under new policies and the market environment, Greentown Management focuses on “building quality at the foundation and efficiency as the core,” and treats market expansion, refined management, product innovation, and marketing empowerment as key priorities. At the same time, it fully advances digital transformation and explores the application of AI technologies in areas such as project design, cost control, and customer service, using technology to enhance management efficiency and operational decision-making capabilities.

In terms of business model innovation, in addition to consolidating its three major PMC main channels—government, commercial, and capital-provider clients—Greentown Management will also expand into new tracks such as full-industry-chain services and overseas PMC, using diversified services to match diversified market demand, and prudently exploring new growth space for the PMC industry.

As real estate enters a new stage of high-quality development, those top enterprises that truly have brand, credit, systems, and innovation capabilities will take on more important roles in the new cycle. The strategic shift reflected in Greentown Management’s 2025 performance also implies that this leading PMC company is adapting to the new industry cycle with a more pragmatic approach to operations.

Relevant company: Greentown Management hk09979